A&D Weekly News & Transactions - Week 50

Industry Headline News

JPMorgan Taps Bezos, Dell & Farley for $1.5T National Security Advisory Team
Dec. 13, 2025 - JPMorgan Chase CEO Jamie Dimon has announced an external advisory council for the bank’s ambitious $1.5 trillion national security initiative, bringing in tech and business leaders including Jeff Bezos of Amazon, Michael Dell of Dell Technologies and Ford CEO Jim Farley to provide strategic guidance. The advisory group also includes former military commanders, politicians and one of Warren Buffett’s top stock pickers to help inform investment priorities tied to U.S. economic resilience and security. The initiative aims to strengthen critical industries and bolster American supply chains through strategic investments and financing. (Yahoo Finance)

SpaceX Reverses Course After Years of Resistance, Plans to Go Public
Dec. 10, 2025 - After years of insisting it would remain private, SpaceX is now planning an initial public offering as early as 2026, a move that could raise tens of billions of dollars and potentially push the company’s valuation toward $1 trillion. The shift reflects growing capital needs tied to major programs including Starlink, which has become a core revenue driver, as well as long-term ambitions involving Mars exploration and space-based infrastructure. Elon Musk acknowledged the reporting and analysis behind the decision as accurate, signaling a notable change from his longstanding skepticism of public markets. (ARS Technica)

BAE Systems Wins $1.7 Billion U.S. Navy Contract for Precision-Guidance Kits
Dec. 10, 2025 - BAE Systems secured a five-year, up to $1.7 billion indefinite delivery/indefinite quantity contract from the U.S. Navy to supply Advanced Precision Kill Weapon System (APKWS) laser-guidance kits, which convert unguided rockets into precision munitions. The award includes an initial order valued at approximately $322 million and is expected to deliver tens of thousands of low-cost precision weapons to U.S. forces and allied militaries. The contract highlights growing demand for flexible, cost-efficient strike capabilities across air, ground, and maritime platforms. (U.S. News)

Australia Orders Operational Ghost Bat Drone for Military After Weapons Test
Dec. 8, 2025 - Australia has ordered its first operational MQ-28A Ghost Bat autonomous combat drones from Boeing Defence Australia following a successful live-fire weapons test, marking a shift from development to active military deployment. The deal covers six aircraft and follows a test in which the drone launched an air-to-air missile, demonstrating its ability to operate alongside crewed fighter jets as a force multiplier. The Ghost Bat program is a key part of Australia’s broader effort to strengthen advanced defense capabilities and deepen cooperation with the United States in next-generation military technologies. (U.S. News & World Report)

Boeing Completes Acquisition of Key Supplier Spirit AeroSystems
Dec. 8, 2025 - Boeing has finalized its acquisition of Spirit AeroSystems, bringing a major supplier of fuselages and structural components for the 737 Max and other aircraft back under its control nearly two decades after the unit was spun off. The deal is valued at approximately $4.7 billion in equity, or about $8.3 billion including Spirit’s debt, and adds roughly 15,000 employees to Boeing as it works to stabilize production quality and oversight. As part of the transaction, Boeing plans to divest Spirit operations that primarily serve Airbus to satisfy regulatory requirements. (The Seattle Times)

Weekly Transaction Review

No.	Parties Involved	Transaction Metrics			Location	Segment
	Target [Parent] Acquirer [Parent]	Price ($M)	Price/ Revenue	Price/ EBITDA	Target	Target
1	Safety Management Services Jensen Hughes [Gryphon Investors]	-	-	-	West Jordan, UT	Specialty Defense Systems and Services
2	AMAG Technology [Warburg Pincus] Shore Rock Partners & Belltower Partners	-	-	-	Hawthorne, CA	Government Services, IT Services and Software
3	Passenger Innovations business of Safran [Safran] Kingswood Capital	-	-	-	Brea, CA	Aircraft Interiors
4	Elder Research ManTech International [Carlyle Group]	-	-	-	Charlottesville, VA	Cybersecurity, Intelligence Services and Homeland Defense
5	Aerospace Control Products AMCA	-	-	-	Davenport, IA	Components & Subsystems
6	Veterans Engineering Aretum [Renovus Capital]	-	-	-	Rockville, MD	Government Services, IT Services and Software
7	Muni Berka Rheinmetall	-	-	-	Sudharz, Germany	Specialty Defense Systems and Services
8	Icebridge Cooling Solutions CCE Group	-	-	-	Tuusula, Finland	Aircraft Interiors
9	Parker Precision Brookhouse Aerospace	-	-	-	Bilston, United Kingdom	Machined & Cast Parts

No.	Target Descriptions
1	SMS is a provider of process safety hazards analysis and energetic materials consulting and testing solutions for private sector and U.S. federal government aerospace, defense, environmental, and law enforcement markets. The company also manufactures energetic materials testing equipment for clients seeking in-house capabilities to conduct sensitivity, in-process simulation and Department of Transportation (DOT) classification testing.
2	AMAG is a provider of integrated physical-security and access control solutions for private sector and U.S. federal government defense markets. The company's Symmetry platform integrates access control, identity management, visitor workflows, video surveillance, and alarm/ intrusion detection into a single platform to manage security operations for anything from a small facility to a sprawling, multi-site global infrastructure.
3	The Passenger Innovations business is a provider of integrated inflight entertainment solutions. The business' solutions encompass hardware, software, certification, system integration, training, documentation and operational approval. Solutions are tailored and scalable to meet the needs of its customers spanning air transport, fleet operators, and corporate aviation.
4	Elder Research is a provider of actionable AI and analytics solutions for private sector and U.S. federal government financial and homeland security markets. The company has expertise in protecting sensitive intelligence missions against sophisticated insider threats; leading high-visibility mission analytics efforts for trade security; applying AI to detect fraud, waste and abuse; maximizing performance of critical infrastructure through innovative predictive maintenance; and automating real-time forecasting with precision.
5	ACPI is a manufacturer of flight-critical pressure and liquid-level switches for private sector and U.S. federal government aerospace and defense markets. ACPI's products include gage, barometric, differential, and hydraulic pressure switches as well as horizontal and vertical liquid level switches.
6	Veterans Engineering is a provider of digital infrastructure & cloud advisory services for private sector and U.S. federal government defense, energy, and healthcare markets. The company's services include IT modernization, process engineering, organizational change, healthcare technology, cybersecurity, cloud architecture, and digital transformation.
7	Muni Berka carries out planning, research, development, manufacture, processing, processing, recovery and/or destruction of explosive and explosive substances within the meaning of Germany's Explosives Act (SprengG).
8	Icebridge is a provider of cooling technologies for airline catering. The company develops products such as wet ice boxes, cooling cassettes, trolley coolers, and cooling chests.
9	Parker Precision is a precision engineering and machining company specializing in high-tolerance metal components and assemblies for aerospace, defense, and industrial applications. The company provides CNC milling, turning, grinding, and inspection capabilities to support low-volume, high-complexity parts produced to stringent quality and traceability standards.